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20130113
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FOX Business
Jan 18, 2013 1:00pm EST
to do is have that take place when the republican position on the debt takes the economy hostage. that is off the table. i think the president is smart to be firm and clear on that. next time it would be democrats if we had a republican president. ashley: would you agree, i know it is out of your area, but the senate has not passed a budget in four years now. would you agree with republicans that it is not the way to go and i could, in fact, be breaking the law without i do agree with them. we actually have not passed the budget. i am with them on this concern about our inability to actually do the basic work that a legislature must do. ashley: i know bernanke, timothy geithner, rating agencies and many more states what is the point of a debt ceiling? we routinely raise it anyway. what is the purpose? >> there is no purpose. the debt ceiling has become a device for fiscal irresponsibility. republicans and democrats both dated. senator obama voted against the debt ceiling increase. if we have this credit downgrade, and we had a credit downgrade, as you know, last august. we have t
CNBC
Jan 15, 2013 4:00pm EST
as well as the global economy. according to rex macy it is. he thinks there's a good chance that risk fears will rise and, therefore, the market will pull back. will that be the moment for investors to get in. good to see you, gentlemen. thanks so much for joining us. what are you expecting in terms of this market 2013? >> sure. well, right now we're at 1472 on the s&p. we think it's going to go marginally higher from here, but it's not going to be a smooth ride. we've got a vix at 13 and change. that's too low. that's where the complacency comes from. you see it there. as we move into the debt ceiling debate, it can be far harder to solve than the taxes, we think the market can be down for a while, and before it comes back up. >> so you're looking for a decline, and perhaps that is an entry point for some. do you agree with that? >> i think any decline is an opportunity to buy, maria. i'm very, very bullish on u.s. equities and one of the main reasons i am the u.s. energy story which i think is a story that's not being told as well as it should be. in 2012 the u.s. oil production was
FOX Business
Jan 16, 2013 4:00pm EST
is happening over in europe. germany seeing a contraction in their economy. whether or not it is a recession still a little too early to say. as a result of what is happening in europe these stocks are down. gm was down over 4% today, big loss for the car companies because of europe. liz: and two vix etfs, volatility exchange traded funds, hitting new 52-week highs. even though the volatility index continues to tumble. what you see are two where you can make bearish bets on the vix, that would make sense, right? xiv, as you see. we've got them moving higher today. david: the battle over the debt ceiling and paying the bills that d.c. is racking up continues. representative jerry nadler, happens to be my representative, he is looking to stop future fights. he has introduced legislation to end the debt ceiling debate by getting rid of the debt ceiling all together. but would that give too much power to the president? that is the argument. that is the debate. we'll take you and jerry nadler there coming up. liz: germany's central bank pulling some of its gold out of new york and paris. we have
CNBC
Jan 16, 2013 3:00pm EST
hurting the economy, delaying hiring plans, capital investment plans and really everything from auto dealers in cleveland to farmers down in texas have cited the fiscal cliff as a major concern. that's something that's influencing their decision making right now. >> you would expect that given the fact that everybody is in lockdown mode as we wait to figure out what our tax rates are going to be, where the spending cuts are going to be, that it is going to impact the economy. my question is how much of an m impact going to see earnings? are they going to get hit? >> that's the key to the whole thing. as we said, the beige book numbers, when they came out there were cents. see earnings coming out, we will see comments and none are going to be positive. none will be excited about the future, and stock prices and multiples expand when people feel possible about the future. going to impact them? numbers might come in spot on. the whisper numbers, everyone is looking for, meaning hoping the numbers are a little bit bitter. i think as numbers come in, we'll start to see very little moveme
CNBC
Jan 18, 2013 12:00pm EST
, nasdaq in the red as well. china fights back after seven straight quarters of slowing growth its economy shows signs of strength. john rutledge on the stocks you should be buying right now. the rematch. not satisfied after their big debate on intel dr. j. and joe are back to battle it out again. what really is the best play right now? but first our top story the next leg for stocks, will it be up or down? the dow has been up as i said six of the past seven days but with a huge week of earnings ahead can the run continue? we're trading today's market action with pete and john. pete, up or down? where is the market going? >> you know, obviously the easy answer would be we've had this huge run. i think we'll see a pullback now. i don't think that is the case. when you look at what the earnings have given so far, look at the financials holding up still above the 17 level on the xlf i'm looking at next week as a huge week of earnings. obviously plenty of names out there that are going to be very important to the next leg higher. so now we've got to get that next leg higher. looking at the vol
CNBC
Jan 14, 2013 6:00am EST
coming this week. joining us now is jeff clinetopp at lpl financial. on the economy, dick hoey. jeff, it's going to start with you because i'm interested to see we could have not just a lower than expected increase in earnings this year, but maybe even a negative year since aus thegs companies and profit margin is were peaking. is it possible the s&p earnings do not grow this year? >> there's a distinct possibility earnings don't grow. our expectation is they grow a very small amount, but a lot of that is coming from share buyback these year. this quicker alone is a testament to that. this fourth quarter, supposed to be the lowest earnings dollar total for any of the quarters of last year. that's not the way it's supposed to work. fourth quarters is supposed to be the highest earnings total. but we've got that uncertainty lingering for 2012. this week, we'll hear from a lot of the fms. they have the highest earnings expectations for 2013. mortgages are doing well. but the less favorable -- >> and we know how difficult it has been to grow revenues year over year. so that's difficult and y
CNBC
Jan 16, 2013 4:00am EST
about the u.s. economy, the turning in the house prices, europe, for example, these things will make an extraordinary amount of money even if they require more capital because banks are extremely leveraged institutions. and you only need a small amount of top line growth for them to make a lot of profits. >> if you to pick u.s. banks versus the rest of the world, what do you like for 2013? >> it bizarre thing is that last year everybody was upset about the masters of the universe and were talking up their retail and sort of consumer arms because credit losses were falling. interestingly, this year i suspect bank with more exposure to independent banking will probably do a lot better much to the chagrin of politicians i suspect. why is that? the m&a pipeline's looking all right. u.s. economy's looking slightly better. and we're still pre-basal 3. >> we'll leave it there. lex on wex, can we use that? >> yeah. >> is that all right with you? >> fine by me. >> lex on wex. >> stuart, thank you very much. we will be talking later about divestment. merger and acquisition activity this year d
CNBC
Jan 17, 2013 12:00pm EST
see underlying economy. >> hello jeremy segal. >> i'm not as bullish as he is. >> multiple expansion. >> absolutely. >> that's why he thinks we'll hit record highs. >> insurance is cheap. you go into dr. j's world. >> our next guest is making a startling prediction on where stocks are about to go. tom fitzpatrick is global head of citi fx technicals. joins us live. welcome. good to have you on. although i'm not sure many people watching now want to hear your prediction. >> it's on leah prediction. >> where do you think we're going? >> in the short term as your previous commentators we have some lags left. the s&p we just moved to this new high above 4075. very similar to the way we traded in 2007 and 2000. i wouldn't be surprised if there's a little bit of lag here and maybe up towards 1495 for the reason, momentum. momentum came in the first move up from last year and we're seeing a loss of momentum similar to what we saw there. also we're seeing in the big picture, overlays on the dow jones that we're in the levels that we believe we'll peak out in. while there's left on the top si
CNBC
Jan 16, 2013 4:00pm EST
of the economy. a discussion about the fed earlier in terms of the beige book numbers. what do you think that tells us on where we are in the economy? >> look at numbers of the last week or two, retail production numbers for december, and they were actually pretty good. of course, the employment numbers we already know were soiled, and this is in a period where the uncertainty over the fiscal cliff was reaching a maximum. you know, maria, you think that's pretty encouraging that the economy has managed to cope with a high level of uncertainty. now the thing that kind of bothers me though is i'm a little bit worried that this coping is flipping over to complacency. the vix is now at a six-year low, and it tells me that the market is discounting 100% probability that we get through the debt ceiling without any trouble. that seems too high to me. >> so do you think the market is expecting that? i mean, when would you expect a big change in terms of the interest rate scenario? >> in terms of the interest rate scenario, probably nothing this year. i mean, we're at least a couple years away fr
CNBC
Jan 16, 2013 9:00am EST
. that means the lending is not going on. we're still at increasingly a low economy. if you buy back the dell, you don't go to the banks anymore. you find other sources of money. i think that the financial story and economic story is saying this is not the kind of financial environment that leads to rapid growth. >> interesting. >> okay. >> you tied it in to dell and jpmorgan and everything else. excellent. larry, thank you. >> my pleasure. >> join us tomorrow. "squawk on the street" begins right now. >>> good wednesday morning. welcome to "squawk on the street." i'm melissa lee with carl quintanilla, and jim cramer and david faber at the new york stock exchange. stocks had a pretty nice day yesterday. the s&p closed at five-year highs. we are looking to the down decide this morning. the dow looking to lose about 62 at the open. the picture in europe, a couple of downgrades for gdp forecasts from both the german government and world bank. italy is down by 1.5%. road map this morning starts off with the banks and earnings. jpmorgan higher. goldman sachs at 18-month highs. >> japan airlines gro
CNBC
Jan 14, 2013 9:00am EST
in the second half of this year, we could start seeing some economies get traction again. of course, some of the very badly hit economies like greece, it will take longer. but europe i think should improve. >> the chairman and ceo of mercedes-benz joining us first on cnbc. the e-class rollout here earlier today. i'm not sure that i have ever seen an unveiling with as many people as were jammed in here to the mercedes stand today here in detroit. back to you. >> that is a big deal, phil. you've seen your share of unveilings, that's for sure. phil lebeau in treat today. one food company on the move, let's get to kayla tausche who is manning the market flash desk. >> watching flowers foods. that's a southern food company, flo. about $4 billion in market cap, that stock up more than 6% hitting an all-time high on its first trading day after signing an agreement to acquire the majority of the bread businesses from hostess brands. that includes wonder bread. of course we're still waiting for some of the other bidders for some of the other units to be announced. right now flowers is the bid to b
CNBC
Jan 15, 2013 3:00pm EST
did. the fact is we still have a good fundamental backdrop. the economy is expanding. it's not contracting or growing. value sheets are strong and valuations are very attractive so what is there not to like? >> you're our resident skeptic today, and i would point not to the normal averages that we quote every day, but look at the dow transportation average which could close at an all-time high today. the transportation companies, often a leading indicator for the economy. if they are doing well. chances are the economy is going to get better. wouldn't that make you want to buy stocks right now. >> it does. we're not -- we're actually a little bit more bullish, esespecially the first six months of the year. we still are expecting slow growth, commodities where we're shorting assets, but in terms of u.s. and in terms of international, we do expect growth, and we are excited about what's happening, but later on in the year i think it's going to be another story. >> what do you mean by that, later on in the year? what's going to be the upset later on in the year? >> there's a
CNBC
Jan 15, 2013 6:00am EST
the debt ceiling or put the u.s. economy st. at risk. it's tuesday, january 15th, 2013 and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. we've been watching the u.s. equity futures and at least at this point you can see they do look like they're indicated to open a little lower. right now, dow futures down by about 16 points below fair value. the s&p futures are about 2 points below fair value. we have some different nebs going on at the top of the screen than we do on that fair value board. we'll check on that, as well. >>> dell is said to be in talks with private companies in reports of a possible guyout. the journal says jpmorgan is involved in the negotiations. dell shares have been soaring near an eight-month high on first word of this news yesterday. you can see up about close to 2% to the premarket sales. 64 is the last dip. in other technology news, facebook is holing a press conference today. no word on what the big announcement will be. you've heard a lot of analy
CNBC
Jan 15, 2013 9:00am EST
that is indeed worrisome. however, we are seeing some pretty good signs in the economy right now, so we're hopefully optimistic that they'll continue. and last thing anybody who's bet against america has proved it's a losing bet in the past. we're very bullish on this country. >> steve, thanks so much for your time. thank you for joining us first on cnbc. >> thank you. >>> interesting debate. meantime, goldman sachs making waves with the bonus pay joits. we'll get that in a moment. after the break, david faber's exclusive with mel karmazin. he's here to give us his very first interview since stepping down as the ceo of sirius xm. we're back in a couple of minutes. mine was earned in djibouti, africa, 2004. the battle of bataan, 1942. [ all ] fort benning, georgia, in 1999. [ male announcer ] usaa auto insurance is often handed down from generation to generation because it offers a superior level of protection and because usaa's commitment to serve the military, veterans, and their families is without equal. begin your legacy. get an auto-insurance quote. usaa. we know what it means to s
CNBC
Jan 16, 2013 2:00pm EST
, very scary situation. >>> we are moments away from the fed's latest read on the economy. here is how the markets are doing. right now the dow lost its strength, down 23 point on the trading session. s&p is dead in the water all hour and nasdaq is actually up about 10 points on the trading session, ty? >> sue w, watch this story in algeria. that does it for "power lunch." thanks for joining us today. >> and "street signs" begins now with breaking news on the fed and economy. >> that's right, sue and tyler. we have boeing in crisis. we have housing on the mend and five-star stock picks. we've also got the very latest on a scary story in algeria where militants say they have taken 41 people hostage, include something americans, at a bp oil field. well get to that in a moment but let us get to breaking news for the fed and how they are performing and get to steve liesman. steve? >> the federal reserve district says economic growth is modest to moderate in all 12 districts. that's how we normally lead but that's not the most important. what is important is the talk about how fiscal uncert
CNBC
Jan 16, 2013 5:00pm EST
being where they are. if we see any growth in the economy and rates start to move, that is a potentially a lot of juice for these earnings. >> right. >> and to me, yes, they've rallied a long way from the fourth quarter, but still, they are so cheap. >> i was going to say, where do you come in on valuation here? it's cheap to its peers, its chart is fantastic. the valuation doesn't say sell. but -- >> i think it says hold. i mean, you -- the valuation in terms of p.e. is really not expensive, tangible book, we're so used to things trading below tangible book. maybe a little higher. it doesn't seem to me like, wow, you are really paying through the nose. you're not. bank of america, you're getting it well below tangible book value, citibank, same thing. so, i'm still staying with the -- staying with the bet for sure. >> so, a buyer. you? >> i'd be a buyer, but specifically goldman sachs. on this desk, we talk about levels in the name. it was 119, it was 130. now it's 140. if it holds this level, it's 150. it has not disappointed. this bank has outperformed 99% of the space. but another na
CNBC
Jan 16, 2013 6:00am EST
are and as much as we can tell about the economy and financial sector, we will be obsessed with jamie dimon, if he didn't get as much of a bonus as normal because his pristine reputation because of the wale slipping -- thing we can find as members of the media. >> $6 million trade on a balance sheet of -- >> i don't know how much they made in spite of that. a lot. >>> speaking of the bank, another -- >> look who's here! >> and dressed normally, too. >> can we get the man a chair? he can't sit -- ♪ >> we thought you were trying on different zweaters. on a day like this, what is the right look for a young, happening, dashing -- >> what -- what -- >> you have time. don't do this to viewers. it's not that important. did you not get make-up? >> no. he didn't. >> look at -- this is natural beauty. >> you didn't shave -- you really think you need to be here that much that you can't get make-up? >> absolutely. >> taking one for the team. >> all right. >> speaking of this -- stay on us, please. morgan stanley will take -- you can get powder or something if you want. just headlines -- >> the women didn't
FOX Business
Jan 16, 2013 3:00pm EST
of conditions set by bail out lenders. the economy is being kept afloat by international eurozone members in the imf. and if you thought that credit card debt was for young adults, think again. older americans applied for more credit cards but pay down their debt easier. half of the older generation are seeking help from credit counseling services. we continue our countdown to the closing bell with list placement liz: 20 minutes away from the fourth quarter earnings release. what should investors be expecting? let's bring in our very own shibani joshi. >> and the investors the light of the last year, up 70%. the stock moving marginally higher, and earnings shows the strong finish to a transformational year. what's going on is that up until now, the growth has been fueled by paypal. this marketplace business that has taken place thanks to the mobile application. about 2 million listeners are uploaded using the mobile platform every single week. there you go, you can find whatever you need on ebay. the one we will have those numbers on "after the bell." let's head to the new york stock exch
FOX Business
Jan 16, 2013 11:00am EST
and diversified our economy. we decided we would be business friendly. we also did not have subprime mortgage. we did not have housing fall. foreclosures never really got serious. we kept people in their homes and kept them working. connell: we hope you enjoy the rest of your stay. dagen: we are glad the texans lost. [ laughter ] we are from the northeast. i am just kidding. thank you so much. near record low water levels in lake michigan causing cargo ships and barges to liken their loads. connell: let's go to steve now on how it can impact your wallet. >> because we have had such low water levels, it will impact your wallet. it has been dry in the region. we have had light rains in the summertime in that has produced lower water levels in all of the great lakes. if you are wondering just how low it is, we have a graphic to show you. between 87 and 97, the water drop a foot. between 94 another foot lower. it is at historic low water levels in lake michigan. cargo companies will have to carry less. >> you cannot strike bottom. you have to maintain a safe distance. when the water levels go down, w
KICU
Jan 16, 2013 4:00am PST
prices and the german economy. australian vitamin and supplement maker swisse vitamins is crossing the pacific pond. the privately-held company will set up its north american headquarters in chicago and start selling its most popular products in walgreens stores starting february 1st. rite aid and target stores will start selling the products in april. the company's ceo says the products it sells will be manufactured in utah and florida. swisse vitamins is positioning itself as a premium product and intends to price its products 5-10% above competitors such as pfizer and bayer. the nation's largest retailer is reaching out to men and women in the service. wal-mart is offering a job to every veteran who honorably left the military in the past year. the program will continue for 5 years and is expected to provide work for more than 100,000 veterans. additionally, the retailer is committing to buying an additional $50 billion of u.s.- made products in the next 10 years. the government of japan joins the u.s. government in investigating boeing's 787 dreamliner. the probe is to uncover
CNBC
Jan 17, 2013 9:00am EST
, you have to see the economy get better. that could happen. i'm hoping it will happened. i'm just not sure if this is the time to put new money into goldman sachs, if we're sure not sure that will play its way out. it's just a matter of, how long does it take for the uncertainty to get out of the way, so companies can get back to making acquisitions. >> jeff, do people give you a hard time when you cut the ratings and yet boost the price targets? that gets made fun of a lot. >> yeah, we do get some for it. the price target increase, it's very form layically driven. what our pick it into our what it's done over the last decades, and the price target -- i don't think 1.1 times tangible is expensive, but we do get some push back on that for sure. >> i'll bet you do. we had a discussion earlier about whether the go long money center short liegen center will last other reverse. do you have a view? >> i would expect it to last, maybe continue. the pressure is hitting the bank industry right now. i think the money center banks have a usneaks advantage to not have as much pressure and exp
CNBC
Jan 16, 2013 12:00pm EST
year. if you believe the economy is stable which we do. i still think the high yield market will generate couponed return this year. maybe a touch better. quite frankly we'd love to see spreads widen out a little bit. we've had quite a rally at the beginning of the year, actually toward the end of last year into the beginning of the year. we'd love to see it back up a bit to create better value in the high yield market. i still think it's going to be a good year especially if we believe equities are going to have a solid performance. >> enis? >> enis taner. you mentioned global markets the yields coming down. what do you think about emerging market bonds? i know you've mentioned you like them. but the yield differential between developed markets and emerging markets is certainly compressed in the last year. >> yeah, yeah. enis, the story is everything compressing in the last year. it is -- searching out opportunity becomes the upside is limited given where spreads have gone to. we do think, though, that there are still -- you're seeing in asia, parts of latin america, you're
FOX Business
Jan 14, 2013 4:00pm EST
to answer questions at the university of michigan. we will let you know what he's saying about our economy and the future fed action. as we know that can be market moving. this event could move the markets tomorrow. david: that's a live picture coming out of michigan. we will be going right back there. also the news of apple cutting down orders for iphone parts is driving the stock way down again today. we have an apple analyst who cut his price target by 150 bucks back in december. does he think it's also time for the company to cut their ceo tim cook? sandra: shares of dell soaring on talk of a buyout. more on both tech stories coming up. keep it right here. ♪ ♪ [ male announcer ] this is karen anjeremiah. they don't know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforrd guidance and be a
FOX Business
Jan 18, 2013 4:00pm EST
there are ways that we can do it, but to say that we're not -- we're going to jeopardize the economy of the united states and frankly even the world by not paying the bills that have already been incurred is absolutely -- [talking over to each other] david: you were willing to bring us to that brink in 02, 04, and 06. >> no i wasn't. david: you voted in favor of keeping the debt limit ceiling right where it was, that was the same kind of danger in going over into that default mode, no? >> it wasn't because that was a kind of protest vote knowing very full well that this was going to pass. are we seriously going to not let president bush pay for the debts that had been incurred? i absolutely would have voted in favor of raising the debt ceiling. david: final question about spending because i'm getting a wrap here. >> sure. david: we had in 2008 we had spending level of about 3 trillion dollars. in 2009 that ballooned up about 20% to about 3 1/2 trillion dollars. now, a lot of that was because of the stimulus program, which was part bush and part president obama. but then we remained a
MSNBC
Jan 16, 2013 3:00am PST
republicans to hold the economy hostage. he said we could be downgraded by the credit agencies. so what happens if the president holds that position, which there's no reason to believe he won't, and republicans hold theirs, the one you just laid out, what happens to the economy? what happens to the politics of it? >> the vast majority of economists would say that on the economic side, it could be catastrophic. we don't know. if you don't lift the debt limit, we don't know what happens with our creditors, we don't know what happens with the strength of the u.s. economy. we do know that bad things probably happen. we also assume that house republicans at the end of the day will blink on this. i just would not make that assumption. i would look back to that tax vote after christmas. three-quarters of the republican party did not go along with speaker boehner on the compromise on increasing taxes. these guys don't care what leadership has to say about this issue. they want to shrink government. they were elected to shrink government. and whether it's defaulted, whether it's shutting down th
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